Cathie Wood's investment firm Ark Invest snapped up more shares of Circle Internet Group on Wednesday as the USDC stablecoin issuer's stock slipped further.
The firm's latest trading disclosure shows that Ark bought a total of 287,609 shares of Circle across three of its exchange-traded funds — ARKK, ARKW, and ARKF. At today's closing price of $61.95, Ark Invest added roughly $17.8 million worth of the stock.
Circle (CRCL) closed down 1.1% today after it plunged by nearly 18% during Tuesday's trading session, which marked its worst single-day decline in recent months. It is down 41% over the past month.
The sharp fall was widely attributed to Open Standard announcing Open USD (OUSD), a new stablecoin backed by more than 140 companies including Visa, Stripe, Mastercard, BlackRock and Coinbase.
Investors assessed potential competitive threats to Circle's USDC, and Coinbase's involvement in the new stablecoin project, as the exchange earns roughly 50% of USDC's reserve income under its distribution agreement with Circle.
